American States Water Co (AWR) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's fourth quarter and full year 2024 results. (Operator Instructions) The call is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加美國水務公司電話會議，討論該公司 2024 年第四季和全年業績。（操作員指示）通話正在錄音。

If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 PM Eastern Time and run through February 27 on the company's website, www.aswater.com. The slides that the company will be referring to are also on the website. This call will be limited to an hour. Presenting today from American States Wire Company are Bob Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Financial Officer.

如果您想收聽本次電話會議的重播，重播將於今天下午東部時間 5:00 開始，並持續到 2 月 27 日，可在公司網站 www.aswater.com 上收聽。該公司將要參考的幻燈片也發佈在網站上。本次通話將限制在一小時內。今天出席演講的是美國電線公司總裁兼執行長 Bob Sprowls；以及財務高級副總裁兼財務長 Eva Tang。

As a reminder, certain matters discussed during this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of any outcomes financial results, levels of activity, performance or achievements, and listeners are cautioned not to place undue reliance upon them. Forward-looking statements are subject to estimates and assumptions and known and unknown risks, uncertainties and other factors. Listeners should review the description of the company's risks and uncertainties that could affect the forward-looking statements in our most recent Form 10-K and Form 10-Q on file with the Securities and Exchange Commission. Statements made on this conference call speak only as of the date of this call and except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statement.

提醒一下，本次電話會議中討論的某些事項可能是 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。前瞻性陳述並不保證或保證任何財務結果、活動水準、績效或成就，請聽眾不要過度依賴它們。前瞻性陳述受估計和假設以及已知和未知的風險、不確定性和其他因素的影響。聽眾應該查看我們提交給美國證券交易委員會的最新 10-K 表和 10-Q 表中有關可能影響前瞻性陳述的公司風險和不確定性的描述。本次電話會議所作的聲明僅代表本次電話會議之日的觀點，除非法律另有規定，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, this conference call will include a discussion of certain measures that are not prepared in accordance with generally accepted accounting principles or GAAP in the United States and constitute non-GAAP financial measures under SEC rules. These non-GAAP financial measures are derived from consolidated financial information that are not presented in our financial statements that are prepared in accordance with GAAP. For more details, please refer to the press release.

此外，本次電話會議還將討論某些未依照美國公認會計原則或 GAAP 編制且根據美國證券交易委員會規則構成非 GAAP 財務指標的指標。這些非 GAAP 財務指標來自合併財務訊息，這些資訊未在我們根據 GAAP 編制的財務報表中呈現。如欲了解更多詳情，請參閱新聞稿。

At this time, I will turn the call over to Bob Sprowls, President and Chief Executive Officer of American States Water Company.

現在，我將把電話轉給美國水務公司總裁兼執行長 Bob Sprowls。

Thank you, Michael. Welcome, everyone, and thank you for joining us today. I'll begin with a discussion of the year. Eva will then discuss some financial details for both the fourth quarter and the year, and then I'll wrap it up with updates on regulatory activity, ASUS, dividends, and then we'll take your questions.

謝謝你，麥可。歡迎大家，感謝大家今天的參加。我首先想討論一下今年的情況。然後，Eva 將討論第四季度和全年的一些財務細節，然後我將總結監管活動、華碩、股息的最新情況，然後我們將回答您的問題。

Let's first start with a look at 2024. On the regulatory front, we are very pleased to have received final decisions from the California Public Utilities Commission, or CPUC, last month for both our water and electric utility subsidiaries. Both decisions represent constructive regulatory outcomes that enable us to continue investing in our water and electric infrastructure for safe and reliable services to our customers for generations to come. I will provide more details on these decisions later in the call. We finished 2024 with very strong financial results.

我們先來展望一下 2024 年。在監管方面，我們很高興上個月收到了加州公用事業委員會（CPUC）針對我們的水務和電力公用事業子公司的最終決定。這兩項決定都代表了建設性的監管成果，使我們能夠繼續投資水力發電基礎設施，為子孫後代提供安全可靠的服務。我稍後將在電話會議中提供有關這些決定的更多詳細資訊。我們以非常強勁的財務業績結束了 2024 年。

Our reported earnings per share for the full year of 2024 were $0.19 lower compared to the prior year. Earnings per share were $0.32 higher than adjusted 2023 earnings, which exclude favorable variances related to the receipt of final decisions in the water general rate case and cost of capital proceedings in June of 2023. Excluding the 2023 adjustments, the increase in adjusted earnings for the full year of 2024 was primarily driven by rate increases in both the water and electric utilities and the commencement of water and wastewater operations at 2 new military bases and successful economic price adjustments in our contracted services business.

我們報告的 2024 年全年每股收益比前一年下降 0.19 美元。每股盈餘比調整後的 2023 年收益高出 0.32 美元，其中不包括與 2023 年 6 月收到水費一般費率案和資本成本訴訟的最終判決相關的有利差異。不包括 2023 年的調整，2024 年全年調整後收益的成長主要得益於水電費上漲、2 個新軍事基地開始供水和廢水處理業務以及合約服務業務成功的經濟價格調整。

Additionally, our Water Utilities segment recorded a tax benefit following the final decision in its general rate case. These increases were partially offset by higher operating expenses and interest costs and the dilutive effects from the issuance of equity under American States Water's at-the-market offering program, which decreased consolidated earnings by approximately $0.04 per share.

此外，我們的水務公用事業部門根據其一般稅率案件的最終判決記錄了稅收優惠。這些成長部分被更高的營運費用和利息成本以及美國水務公司按市場發行計劃發行股票的稀釋效應所抵消，導致每股合併收益減少約 0.04 美元。

In 2024, we invested $235.5 million in infrastructure at our regulated utilities, reflecting our strong ability to execute our capital plans. ASUS, our contracted services business secured $56.5 million in new capital upgrade awards with projects scheduled for completion through 2027. Both are record highs for our regulated utilities and ASUS.

2024 年，我們向受監管的公用事業公司的基礎設施投資了 2.355 億美元，這反映了我們執行資本計畫的強大能力。我們的合約服務業務華碩獲得了 5,650 萬美元的新資本升級獎勵，專案計劃於 2027 年完工。這兩項數據對於我們所監管的公用事業公司和華碩來說都是歷史最高紀錄。

At ASUS, we began work under 2 new military contracts serving new bases on the East Coast, further expanding our footprint of managing water and wastewater systems for the U.S. government. American States Water achieved a return on equity of 14.1% for the year, and we increased our dividend to shareholders by 8.3%, marking 7 consecutive years of annual dividend increases. The 14.1% earned return on equity was achieved despite a 14.2% increase in our average consolidated equity balance between the 2 years.

在華碩，我們開始執行兩項新的軍事合同，為東海岸的新基地提供服務，進一步擴大了我們為美國政府管理水和廢水系統的足跡。美國水務公司全年的股本回報率為 14.1%，我們向股東派發的股息增加了 8.3%，這是該公司連續第七年增加年度股息。儘管兩年間我們的平均合併股本餘額增加了 14.2%，但我們仍實現了 14.1% 的股本回報率。

Some of the increase in the equity balance is due to the stock issued under the at-the-market program. These accomplishments compare very favorably to other utilities. We're very proud of our long-standing track record of delivering value to our shareholders. Overall, it was a productive year, which sets the stage for future growth for the entire company. And of course, we continue to deliver safe and reliable service to over 1 million people in 10 states, no small task and one that remains a key driver for the entire organization.

股權餘額的部分增加是由於以市價發行計劃發行的股票。與其他公用事業相比，這些成就非常有利。我們為長期以來為股東創造價值的業績感到非常自豪。總體而言，這是富有成效的一年，為整個公司未來的發展奠定了基礎。當然，我們將繼續為 10 個州的 100 多萬人提供安全可靠的服務，這不是一項小任務，而且仍然是整個組織的關鍵驅動力。

With that, I'll turn the call over to Eva to discuss earnings and liquidity.

說完這些，我將把電話轉給 Eva，討論收益和流動性。

Thank you, Bob, and hello, everyone. Let me start with our fourth quarter results. Recorded consolidated earnings were $0.75 per share for the quarter compared to $0.55 per share for the fourth quarter of 2023.

謝謝你，鮑勃，大家好。讓我先介紹一下我們第四季的業績。本季的綜合收益為每股 0.75 美元，而 2023 年第四季的綜合收益為每股 0.55 美元。

For our water utility, Golden State Water, reported earnings were $0.52 per share as compared to $0.41 per share last year. The $0.11 per share increase in 2024 was largely due to an increase in third year water rates and overall increase in the authorized rate of return on rebate and a tax benefit recorded in the fourth quarter as a result of receiving the final decision in connection with Golden State Water generated proceedings. This increase is partially offset by higher operating and interest expenses and lower gains generated from investments held for retirement plan.

就我們的水務公司 Golden State Water 而言，報告的每股收益為 0.52 美元，而去年的每股收益為 0.41 美元。2024 年每股 0.11 美元的成長主要是由於第三年水費上漲、授權回扣回報率總體上漲以及第四季度因收到與金州水務公司產生的訴訟相關的最終判決而記錄的稅收優惠。但這一增長被更高的營業費用和利息支出以及退休計劃持有的投資產生的收益減少部分抵消。

Lastly, there was a decrease in earnings of approximately $0.01 per share due to the dilutive effect from the issuance of equity on the American States Water as a market offering program. Our electric segment's earnings were $0.13 per share for the quarter as compared to $0.07 per share for 2023, a $0.06 per share increase primarily due to receiving the final CPUC decision on the electric general rate case with new rates retroactive to January 1, 2023.

最後，由於美國水務公司作為市場發行計劃發行股票的稀釋效應，每股收益減少約 0.01 美元。我們電力部門本季的收益為每股 0.13 美元，而 2023 年的每股收益為 0.07 美元，每股增加 0.06 美元，主要原因是收到了 CPUC 對電力通用費率案的最終裁決，新費率追溯至 2023 年 1 月 1 日。

Earnings from ASUS decreased $0.01 per share for the quarter largely due to an increase in operating expenses, some of which was due to timing, partially offset by an increase in management fee revenues due to commencement of operations of the water and wastewater systems at joint based Cape costs and naval iteration [Duson River] and successful resolution of economic price adjustments at a legacy basis. Consolidated revenue for the quarter increased by $17.9 million as compared to 2023.

本季華碩每股收益下降 0.01 美元，主要由於營運費用增加，部分原因是時間安排不當，但管理費收入增加抵消了部分增長，原因是在聯合基地的開普敦成本和海軍迭代 [杜森河] 開始運營供水和廢水系統，並成功解決了傳統基礎上的經濟價格調整問題。本季綜合收入與 2023 年相比增加了 1,790 萬美元。

Revenues for the water segment increased by $5.1 million largely due to an increase in the third year with rate and an increase in authorized rate of return on rate base in 2024. Revenues for the electric segment increased by $10.6 million, mainly due to the impact of the retroactive new electric grade for the full year of 2023 and 2024. Revenues from ASUS increased $2.3 million primarily due to higher management fee revenue, as I just mentioned.

水務部門的收入增加了 510 萬美元，主要由於第三年的費率增加以及 2024 年費率基準的授權回報率增加。電氣部門收入增加了 1,060 萬美元，主要原因是 2023 年和 2024 年全年追溯新電氣等級的影響。來自華碩的收入增加了 230 萬美元，主要由於管理費收入增加，正如我剛才提到的。

Turning to Slide 10 and looking at total operating expenses other than supply costs, consolidated expenses increased by $13.1 million compared to 2023. This increase included the impact of the electric general rate case decision recorded in the fourth quarter of 2024, which reflected an $8.2 million increase in operating expenses, primarily due to higher administrative and general and maintenance expenses, partially offset by the retroactive impact of a lower overall composite depreciation rates for both 2023 and 2024, also recorded in Q4 of 2024.

翻到投影片 10，看看除供應成本之外的總營運費用，合併費用與 2023 年相比增加了 1,310 萬美元。這一增長包括 2024 年第四季度記錄的電力一般費率案件判決的影響，該判決反映了運營費用增加 820 萬美元，主要是由於行政和一般及維護費用增加，但部分被 2023 年和 2024 年整體綜合折舊率降低的追溯影響所抵消，這同樣記錄在 2024 年第四季度。

These items are included in the 2023 and 2024 revenue requirements. In addition, the increase was due to higher overall labor costs, maintenance expense due to timing and an increase in depreciation expense largely at Golden State Water and property tax expenses, both of which are impacted by the increased capital expenditures for our regulated utility. The increases are partially offset by a decrease in Golden State Water's other operation-related expenses resulting from receiving the recovery of previously incurred costs. and lower U.S. construction expenses.

這些項目包含在 2023 年和 2024 年的收入要求中。此外，成長也由於整體勞動成本上升、時間安排導致的維護費用以及金州水務公司折舊費用和財產稅費用的增加，這兩項費用都受到我們監管的公用事業資本支出增加的影響。由於收回了先前發生的成本，金州水務公司其他營運相關費用的減少部分抵消了這些增加的費用。並降低美國的建築費用。

Other income net of other expenses decreased by $1.6 million in the fourth quarter compared to last year, largely due to lower gains recorded on investments held to fund a retirement plan. The decrease was partially offset by the recording of CPUC allowed returns during construction for electric segment, electric segments as well as other projects.

第四季度扣除其他費用的其他收入與去年同期相比減少了 160 萬美元，主要原因是為資助退休計劃而持有的投資收益減少。這一下降被 CPUC 在電力部分、電力部分以及其他項目建設期間允許的回報記錄部分抵消。

Slide 11 shows the EPS bridge comparing reported EPS for the fourth quarter of 2024. against the same period for 2023. This slide reflects our full year earnings per share by segment as reported and adjusted consolidated earnings for the full year of 2024 has recorded or $3.17 per share compared to $3.36 per share for 2023. However, included in the results for 2023 were $0.38 per share related to the impact of retroactive rate from the final decision, the water GRC for the full year of 2022 and the reversal of $0.13 per share for revenue subject to refund originally recorded in 2022 as a result of the final cost of capital decision in June of 2023, both items related to our water segment.

投影片 11 顯示了 EPS 橋，比較了 2024 年第四季報告的 EPS 與 2023 年同期的 EPS。此投影片反映了我們按部門劃分的全年每股收益，報告顯示，2024 年全年調整後的合併收益為每股 3.17 美元，而 2023 年為每股 3.36 美元。但是，2023 年的業績中包括每股 0.38 美元，這與最終決定的追溯利率的影響有關，2022 年全年水務 GRC 以及每股 0.13 美元的退款收入逆轉，這些收入最初記錄在 2022 年，這是 2023 年 6 月的最終資本成本決定的結果，這兩項都與我們的水務部門有關。

Excluding the 2 items just mentioned, for 2023 earnings recorded an adjusted consolidated earnings for 2024 were $3.17 per share as compared to adjusted earnings of $2.85 per share for 2023, an increase of $0.32 per share. Please refer to our press release and the Form 10-K filed yesterday for more detail on our full year earnings. Turning to liquidity on Slide 13. Net cash provided by operating activities was $198.7 million for 2024 as compared to $67.7 million for 2023, the increase in operating cash flow was primarily as a result of Golden State Water having implemented new rates in 2023 and 2024. The collection of surcharges to recover retroactive revenues from 2022 through July of 2023 and higher wireless consumption in 2024.

除剛才提及的 2 項外，2023 年收益記錄為 2024 年調整後綜合收益為每股 3.17 美元，而 2023 年調整後每股收益為 2.85 美元，每股增加 0.32 美元。有關我們全年收益的更多詳細信息，請參閱我們的新聞稿和昨天提交的 10-K 表。在第 13 張投影片中討論流動性。2024 年經營活動提供的淨現金為 1.987 億美元，而 2023 年為 6,770 萬美元，經營現金流的增加主要是由於 Golden State Water 在 2023 年和 2024 年實施了新的費率。徵收附加費以收回 2022 年至 2023 年 7 月的追溯收入以及 2024 年更高的無線消費。

The increase in cash flows from operating activity also resulted from differences in the timing of billing and cash receipts for construction work at military bases U.S. as well as the timing of its [spender] payments. For investing activities, as Bob mentioned earlier, our regulated utility invested [$2.8 million] on company-funded capital projects in 2024, and we project company-funded capital expenditures to reach $170 million to $210 million for 2025.

營運活動現金流的增加也源自於美國軍事基地建設工程的計費和現金收入時間以及其[支出者]付款時間的差異。對於投資活動，正如鮑伯之前提到的，我們監管的公用事業公司在 2024 年向公司資助的資本項目投資了 [280 萬美元]，我們預計 2025 年公司資助的資本支出將達到 1.7 億至 2.1 億美元。

American States Water at market offering program to sell common shares remain ongoing as this program to allow the company at its sole discretion to sell up to $200 million over a 3-year period. During 2024, American States Water raised proceeds of $88.7 million, net of issuance costs and legal costs incurred. American States Water currently maintains a credit rating of A stable with standard and for Global Ratings or S&P. Wile Golden State Water maintains A+ stable rating with S&P and A2 stable rating with Moody's Investors Service. Each of these ratings have been affirmed during 2024. These are some of the highest credit ratings in the U.S. investor-owned water utility.

美國水務公司在市場上出售普通股的計劃仍在進行中，因為該計劃允許該公司自行決定在 3 年內出售高達 2 億美元的股票。2024 年，美國水務公司籌集了 8,870 萬美元的收益，扣除發行成本和法律成本。美國水務公司目前的信用評級為 A 穩定，符合全球評級或標準普爾的標準。Wile Golden State Water 維持標準普爾 A+ 穩定評級和穆迪投資者服務公司 A2 穩定評級。這些評級均已於 2024 年確認。這些都是美國投資者所有的水務公司中最高的信用評級之一。

With that, I'll turn the call back to Bob.

說完這些，我就把電話轉回給鮑伯。

Thank you, Eva. I'll begin with Golden State Water's general rate case. On January 30 of this year, the CPUC issued a final decision in connection with the general rate case. Final decision adopts the settlement agreement between Golden State Water and the Public Advocates Office at the CPUC or [Calavocates] for short. Among other things, the decision authorizes Golden State Water to invest $573.8 million in capital infrastructure over the 3-year capital cycle.

謝謝你，伊娃。我先從金州水務公司的一般費率案例開始。今年1月30日，加州公用事業委員會就該普通費率案件作出了最終判決。最後決定採用 Golden State Water 與加州公用事業委員會 (CPUC) 公共辯護辦公室 (Public Advocates Office，簡稱 [Calavocates]) 之間的和解協議。除其他事項外，該決定還授權金州水務公司在 3 年資本週期內投資 5.738 億美元用於資本基礎設施。

This includes $17.7 million of advice letter capital projects to be filed for revenue recovery during the second- and third-year attrition increases when those projects are completed. In addition, the approved settlement agreement includes $58.2 million of advice letter capital projects that began construction in 2023 and that we expect to file for revenue recovery during the second- and third-year attrition increases when those projects are completed. For all of the advice letter projects, Golden State Water will be allowed to accrue interest during construction at the adopted cost of debt and recover the full rate of return, including all applicable components of the revenue requirement after the assets are placed in service up until the assets are included in customer rates.

其中包括價值 1770 萬美元的建議信資本項目，這些項目將在項目完成後的第二年和第三年人員流失增加期間提交，以恢復收入。此外，已批准的和解協議還包括價值 5,820 萬美元的建議信資本項目，這些項目於 2023 年開始建設，我們預計將在這些項目完工後的第二年和第三年的人員流失增加期間申請收入回收。對於所有建議書項目，金州水務公司將被允許在建設期間按照採用的債務成本計提利息，並收回全額回報率，包括資產投入使用後直至資產納入客戶費率期間收入要求的所有適用部分。

Excluding revenues for advice letter capital projects adopted operating revenues less water supply costs for 2025 are projected to increase by approximately $23 million when compared to 2024. In addition, there are potential additional revenue increases of approximately $20 million for each of the years 2026 and 2027 based on inflation factors without factoring in the revenues from those advice letter capital projects.

不包括建議信資本項目的收入，採用的營運收入減去供水成本，預計 2025 年與 2024 年相比將增加約 2,300 萬美元。此外，根據通貨膨脹因素（不考慮那些建議信資本項目的收入），2026 年和 2027 年每年還有可能額外增加約 2,000 萬美元的收入。

The final decision also adopts Golden State Water's recommended sales forecast, a supply mix that splits the difference between Golden State waters and call advocates forecast and accepts the sales reconciliation mechanism proposed by the company. In addition, there were 3 other regulatory mechanisms that Golden State Water requested that were litigated and addressed in the decision.

最終決定還採用了金州水務公司的推薦銷售預測、分攤金州水務公司和呼叫倡導者預測之間差額的供應組合，並接受了該公司提出的銷售核對機制。此外，金州水務公司還要求實施另外 3 項監管機制，這些機制已在判決中進行了訴訟和處理。

The decision, however, rejected a full sales and revenue decoupling mechanism and a full supply cost balancing account and instead ordered the transition to a modified rate adjustment mechanism for sales and an incremental cost balancing account for supply costs. The decision also rejected a supply mix adjustment mechanism at a request to modify the existing PFAS memorandum account to track carrying costs on capital investments needed to comply with the new PFAS regulation.

然而，該決定拒絕了全面的銷售與收入脫鉤機制和全面的供應成本平衡帳戶，而是要求過渡到修改後的銷售費率調整機制和供應成本的增量成本平衡帳戶。該決定還拒絕了一項供應組合調整機制，該機制旨在修改現有的 PFAS 備忘錄帳戶，以追蹤遵守新 PFAS 法規所需的資本投資的持有成本。

The new mechanisms authorized in the decision are effective January 1, 2025. The final decision approved Golden State Water's proposed rate design associated with the modified rate adjustment mechanism, which move more revenue recovery into the fixed service charge. Then under the rate design associated with the company's full revenue decoupling mechanism.

該決定授權的新機制將於2025年1月1日生效。最終決定批准了金州水務提出的與修改後的費率調整機制相關的費率設計方案，即將更多的收入轉移到固定服務費中。然後根據與公司完全收入脫鉤機制相關的費率設計。

On January 14 of this year, the CPUC approved a request to defer the cost of capital application by 1 year to May 1, 2026. With the deferral, Golden State Water will retain its authorized return on equity of 10.06% and a 57% equity ratio through the end of 2026. On January 16 of this year, our electric utility subsidiary received a final CPUC decision in its general rate case that approves the settlement agreement between Bear Valley Electric, call advocates and the other intervener in the proceeding in its entirety.

今年1月14日，加州公用事業委員會批准了一項請求，將資本成本申請延後一年至2026年5月1日。透過延期，金州水務公司將在 2026 年底前保持其 10.06% 的授權股本回報率和 57% 的股本比率。今年 1 月 16 日，我們的電力子公司在其一般費率案件中收到了 CPUC 的最終裁決，該裁決批准了 Bear Valley Electric、呼叫倡導者和訴訟中的其他介入者之間的全部和解協議。

The proceeding sets rates retroactive to January 1, 2023, and determines electric rates for the years 2023 through 2026. The decision, among other things, allows Bear Valley Electric to invest $75.6 million in capital infrastructure including at least $23.1 million of advice letter projects over the 4-year rate cycle. It adopts a return on equity of 10.0% and and a 57% equity ratio, and it approves recovery of requested capital expenditures and incremental operating costs incurred prior to 2023 in connection with its wildfire mitigation plan.

該程序將費率追溯至 2023 年 1 月 1 日，並確定了 2023 年至 2026 年的電價。除此之外，該決定允許 Bear Valley Electric 公司在 4 年利率週期內投資 7,560 萬美元用於資本基礎設施，其中包括至少 2,310 萬美元的建議書項目。該公司採用 10.0% 的股本回報率和 57% 的股權比率，並批准收回與其野火緩解計劃相關的要求的資本支出和 2023 年之前發生的增量營運成本。

These costs were not previously included in customer rates. In addition, the settlement provides increases in the adopted operating revenues of $2.2 million for 2025 and $3.3 million in 2026. The rate increases for 2024 through 2026 are not subject to an earnings test. The previously mentioned advice letter projects of at least $23.1 million are expected to generate additional annual operating revenues of approximately $3 million when the respective projects are completed, placed in service and filed for recovery in customer rates. These projects also accrue allowance for funds used during construction that will further increase the revenue requirement.

這些費用以前並未包含在客戶費率中。此外，該協議還規定，2025 年的營業收入將增加 220 萬美元，2026 年的營業收入將增加 330 萬美元。2024 年至 2026 年的費率成長不受收入測試的影響。前面提到的至少 2,310 萬美元的建議書項目預計在相應項目完工、投入使用併申請收回客戶費率後，每年將產生約 300 萬美元的額外營運收入。這些項目還累積了建設期間使用的資金補貼，這將進一步增加收入需求。

Turning our attention to Slide 17. We present the growth in Golden State Water's adopted average water rate base for 2018 through 2024, which increased from $752.2 million in 2018 to [$1,357.5 million] in 2024. That is the compound annual growth rate of 10.3% for the 6-year period using 2018 as the base share for the calculation. Golden State Water anticipates a robust and sustained growth in its rate base over the next few years as a result of receiving its recent general rate case decision. That again authorizes it to invest $573.1 million in capital infrastructure, including $17.7 million of advice letter capital investments to be filed for revenue recovery during the second and third year attrition increases when those projects are completed.

將注意力轉向投影片 17。我們展示了金州水務公司 2018 年至 2024 年採用的平均水費基數的成長情況，從 2018 年的 7.522 億美元增加到 2024 年的 [13.575 億美元]。即以2018年為計算基準份額，6年的複合年增長率為10.3%。金州水務公司預計，在最近收到一般費率案件判決後，未來幾年其費率基礎將實現強勁、持續的成長。這再次授權其在資本基礎設施上投資 5.731 億美元，其中包括 1770 萬美元的建議信資本投資，這些投資將在這些項目完成後的第二年和第三年人員流失增加時用於恢復收入。

In addition, it authorizes investment on certain other capital projects already under construction beginning in 2023. The recovery of which will also be handled through advice letter filings upon project completion. All of isolator capital projects will contribute to further growth in rate base in the second and third years of this cycle. Continue to ASUS, which contributed earnings of $0.55 per share for the full year of 2024 as compared to $0.50 per share for 2023.

此外，它還授權對 2023 年開始在建的某些其他資本項目進行投資。工程完工後，也將透過建議信備案來處理其回收事宜。所有隔離資本項目都將促進本週期第二年和第三年利率基礎的進一步成長。繼續華碩，其 2024 年全年每股收益為 0.55 美元，而 2023 年每股收益為 0.50 美元。

The increase was mainly due to an increase in management fee revenues resulting from the commencement of operations at the 2 new bases and the resolution of various economic price adjustments partially offset by higher overall operating expenses from the new basis and a decrease in earnings of approximately $0.01 per share due to the dilutive effects from the issuance of equity under the company's at-the-market offering program. We're also very pleased that ASUS has received a significant increase and new capital upgrade awards in 2024 of $56.5 million in total, as compared to $25.2 million for 2023.

成長的主要原因是兩個新基地開始營運以及各種經濟價格調整的解決導致管理費收入增加，但新基地的總體營運費用增加以及公司按市場發行計劃發行股票的稀釋效應導致每股收益減少約 0.01 美元部分抵消了這一增長。我們也非常高興華碩在 2024 年獲得了大幅增加和新的資本升級獎勵，總額達到 5,650 萬美元，而 2023 年為 2,520 萬美元。

In addition to continued work on the existing bases we serve, we remain confident that we can effectively compete for new military-based contract awards. With a solid performance expected for ASUS in 2025, we project that subsidiary to contribute $0.59 to $0.63 per share this year. I would like to turn our attention to dividends, which remains a compelling part of our investment story.

除了繼續在現有的基地開展工作外，我們仍然相信我們能夠有效地競爭新的軍事合約獎勵。由於華碩預計在 2025 年將有穩健的業績，我們預計該子公司今年每股收益將為 0.59 美元至 0.63 美元。我想把注意力轉向股息，這仍然是我們投資故事中引人注目的一部分。

Our quarterly dividend rate has grown at a compound annual growth rate or CAGR of 8.8% over the last 5 years through 2024. And we have achieved a 10-year CAGR of 8% in the calendar year dividend payments through 2024. These increases are consistent with our policy to achieve a compound annual growth rate in the dividend of more than 7% over the long term.

截至 2024 年，過去 5 年，我們的季度股息率以 8.8% 的複合年增長率成長。截至 2024 年，我們的年度股利支付已達到 10 年複合年增長率 8%。這些成長符合我們長期實現股息複合年增長率超過 7% 的政策。

I'd like to conclude our prepared remarks this morning by thanking you for your interest in American States Water, and we'll now turn the call over to the operator for questions.

在結束我們今天早上的準備好的演講之前，我想感謝您對美國州水務公司的關注，現在我們將電話轉給接線員以回答您的問題。

(Operator Instructions) Jonathan Reeder, Wells Fargo.

（操作員指示）喬納森·里德（Jonathan Reeder），富國銀行。

Yes. Hanging in there. Could you help me reconcile how much of the $0.06 electric GRC retroactive EPS benefit that was recorded in is solely related to 2023. And I saw the 10-K mentions like $9.8 million of retroactive revenues for both $23 million and 24%, but it seems like -- some of that is offset by corresponding operating expense increases related to those years as well.

是的。堅持住。您能否幫助我核對一下記錄的 0.06 美元電力 GRC 追溯每股收益中有多少僅與 2023 年有關。我看到 10-K 文件中提到，2300 萬美元和 24% 的追溯收入分別為 980 萬美元，但似乎其中一部分也被與這些年份相關的相應營運費用增加所抵消。

Yes, I would say more of it is related to '24 than '23, Jonathan. As you know, I think you know. And it's interesting, we had sort of had this situation on both settlements, the Fair Valley settlement and the state settlement, the public advocates was very interested in trying to move out that first year increase. And that then -- that's why you sort of see these advice letter projects in both cases.

是的，我想說的是，這與 24 年有關，而不是 23 年，喬納森。正如你所知，我想你知道。有趣的是，我們在兩個和解方案（Fair Valley 和解方案和州和解方案）上都遇到這種情況，公眾倡議者非常有興趣嘗試取消第一年的成長。這就是為什麼你會在兩種情況下看到這些建議信項目。

So Jon, we had a substantial amount of unrecovered costs, both capital OEM from implementing our WiFi mitigation plan. that we will request recovery of amounts or projected capital OM for 2023 and '26. So on top of what we need to do for this current rate case cycle will also request to to be included in base rate for this breaking cycle. The historical cost it's about $24 million of CapEx related to the WiFi litigation plan, along with the increases in costs to recover 3 trimming costs and all the WiFi mitigation operating-related expenses. So our first year's request was quite significant when we file the case in 2022.

所以喬恩，我們有大量未收回的成本，包括實施我們的 WiFi 緩解計劃的資本 OEM。我們將要求收回 2023 年和 2026 年的金額或預計資本 OM。因此，除了我們需要針對當前利率週期採取的措施之外，我們還將要求將其納入本次突破週期的基本利率中。歷史成本是與 WiFi 訴訟計劃相關的資本支出約 2,400 萬美元，加上收回 3 項削減成本和所有 WiFi 緩解營運相關費用的成本增加。因此，當我們在 2022 年提起訴訟時，我們第一年的請求就非常重要。

So during the settlement agreement, we agreed to move certain capital projects to 2024 and beyond and file a stock project as advice letter project, which will earn AFUDC or construction. So that's why the first year increased since small compared to 2024. We believe this is how we can reach a settlement and mitigate the first-year increase to customers kind of pancake to rate cases. in one. So that's why most of the increase you see probably is for 2024.

因此，在和解協議期間，我們同意將某些資本項目移至 2024 年及以後，並將股票項目作為建議信項目提交，這將獲得 AFUDC 或建設。這就是為什麼第一年與 2024 年相比增幅較小的原因。我們相信這就是我們能夠達成和解並減輕第一年客戶費率上漲的方式。於一身。所以這就是為什麼您看到的大部分成長可能都發生在 2024 年。

As a reminder, the last rate cycle we had at Bear Valley was a 5-year rate cycle our decision came out in that particular case, just as things were being put in place for the requirements associated filing wildfire mitigation plans. I don't know if this is completely accurate, but I think we -- because of just the rate cycle lined up, we had probably had gone the longest of any of the electrics in terms of starting the wildfire mitigation plan activities before our next rate case where we would then seek recovery of those expenditures.

提醒一下，我們在熊谷 (Bear Valley) 經歷的最後一個利率週期是 5 年利率週期，我們的決定是在那個特定案例中做出的，當時正值與提交野火緩解計劃相關的要求到位之時。我不知道這是否完全準確，但我認為，由於費率週期的安排，在下一個費率案例之前，我們在啟動野火緩解計劃活動方面可能已經是所有電力公司中時間最長的了，然後我們才會尋求收回這些支出。

And so that put, I would say, a little more pressure on that first-year rate increase because we had several years of well fire mitigation plan activities that we hadn't recovered from customers but needed to be then included in the rate cycle for 2023 through 2026.

因此，我想說，這給第一年的費率成長帶來了更大的壓力，因為我們有幾年的火災緩解計畫活動尚未從客戶那裡收回，但需要將其納入 2023 年至 2026 年的費率週期中。

Okay. So would you say any of that $0.06 of the retroactive EPS benefit is related to 2023 or 2023 was pretty neutral in all the $0.06 in Q1 through Q3 of 2024.

好的。那麼，您是否認為追溯性每股收益中的 0.06 美元與 2023 年有關，或者 2023 年在 2024 年第一季至第三季的所有 0.06 美元中都相當中性。

I think the way to think about it is the majority is in -- is for '24. I can't really give you a precise split on the $0.06. But I think the way to think about it is the majority of it was.

我認為思考這個問題的方式是，大多數人都贊成－贊成『24』。我實在無法給你 0.06 美元的精確分配。但我認為思考這個問題的方式是，大多數都是這樣的。

Okay. All right. And then as you noted, 2024, we saw a huge increase in consolidated operating cash flows to nearly $200 million. Is that a good proxy for your 2025 expectations, given you'll still be collecting the retroactive revenues from the delayed 2022 to 2024 water GRC decision plus some of the retroactive revenues from the electric GRC.

好的。好的。正如您所說，到 2024 年，我們的合併營運現金流將大幅增加至近 2 億美元。這是您對 2025 年預期的一個很好的代表，因為您仍然會收取因 2022 年至 2024 年推遲的水務 GRC 決定而產生的追溯收入以及部分來自電力 GRC 的追溯收入。

I think so, Jonathan, is more aligned with what's going forward in 2023, I would say.

喬納森，我想是的，這與 2023 年的發展更加一致。

Okay. And then last question for me. How much of the remaining roughly $110 million of equity under the ATM program, do you anticipate issuing in 2025?

好的。這是我的最後一個問題。您預計 ATM 計畫下剩餘的約 1.1 億美元股權中，2025 年將發行多少？

$60 million-ish consent. So we like to even lay out for 2 years. But if we need a little bit more, I would say, probably $60 million for this year.

6,000 萬美元左右的同意費。所以我們甚至願意佈局兩年。但如果我們需要更多一點，我想今年可能需要 6,000 萬美元。

(Operator Instructions). There are no further questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Bob Sprowls for any closing remarks.

（操作員指令）。隊列中沒有其他問題。我們的問答環節到此結束。我想將會議交還給 Bob Sprowls 並請他作最後發言。

Yes, I'd just like to wrap up the call today by thanking everyone for their continued interest in American States. We appreciate your interest. Have a good start to your year. Thank you.

是的，今天通話結束時，我只想感謝大家對美洲各州的持續關注。我們感謝您的關注。祝您新的一年有個好的開始。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。